News Archive for August 21, 2012

The Pop Scene: Soul Searchers on the Road to Glory
This week's pop calendar leads off with D'Angelo, a mercurial star making his return at the PNC Bank Arts Center after more than a decade out of the spotlight.

Seven West Profit Climbs Following Acquisition
Seven West Media's annual profit surged 97% in the first full year of trading since the company was created following the acquisition of Seven Media Group by West Australian Newspapers in 2011.

Japan to Return Envoy to South Korea
Japan's foreign minister said Wednesday he will reappoint Tokyo's ambassador to Seoul, and gauge the reaction to measures taken to protest a recent visit by South Korea's president to disputed islands before deciding on further action.

U.S. Open Umpire Arrested in Murder
A veteran professional tennis umpire was arrested at a Midtown Manhattan hotel after Los Angeles authorities issued a warrant alleging she killed her husband in April.

Kraft Foods to Sell Part of Back to Nature Line
Kraft agreed to sell a majority stake in its Back to Nature line of natural-food products to Brynwood, a private-equity firm that focuses on acquiring smaller, overlooked brands from big corporations.

NY College Track Teams Granted Marathon Spots
The Columbia University and Manhattan College track and cross-country teams will be well represented at this year's New York City marathon—even if they don't send any of their own runners.

Via Kingston, a Look at State's Jobs Picture
With New York state's unemployment rate having reached its highest level in decades, this Hudson Valley city offers a snapshot of the cross currents roiling regional economies across the area.

White House Worked With Buyout Firm
The story of how a Sunoco refinery in Philadelphia was rescued is an example of how the private-equity industry is a more complicated place than the image kicked up by this year's presidential election.

Indian Import Brings Chic Buffet to Upper East Side
Here's something fresh: an Indian buffet where you're served in a quiet and calm environment. As you may have guessed, the restaurant—Moti Mahal Delux—is on the Upper East Side.

In Open Casting Call, 'Sesame Street' Looks for New Neighbor
"Sesame Street" held its first-ever open casting call in New York this week to find its newest neighbor—a Hispanic character, to reflect the long-running show's increasingly diverse audience.

Obesity Debate Over Where to Serve School Breakfasts
The New York City Council plans to approve resolutions demanding Mayor Michael Bloomberg's administration provides breakfast in the classroom at all city public schools, a policy the administration opposes because officials fear it could increase childhood obesity.

Deep Blast, Big Mess
An errant blast from the construction of the Second Avenue subway launched rocks and a dust plume across East 72nd Street, shattering windows, startling residents and landing debris atop a five-story apartment building.

Court Voids Rule on Coal Pollution
A federal appeals court rejected the EPA's latest effort to limit soot- and smog-forming air pollution that blows across state lines, providing a short-term lifeline for aging coal-fired power plants.

Kimmel Stirs Late-Night Fight
ABC will shift its late-night show "Jimmy Kimmel Live!" to 11:35 p.m. from midnight, pitting the show's host against heavyweights Jay Leno on NBC and David Letterman on CBS.

Staten Island Outlet Mall Is Proposed
New Yorkers and tourists endure traffic jams on crowded buses to travel to outlet malls for discounted jeans and handbags, but the city and a developer are betting they would prefer a 25-minute ferry ride to Staten Island.

Killing It at Montauk's Surf Lodge
Actors, models and musicians were among the guests at Surf Lodge Sunday evening for a special performance by the Kills, sponsored by Caliche Rum, and a private dinner beforehand hosted by modeling agency owner Scott Lipps and night-life entrepreneur Nur Khan.

Nineteen Million Lack Broadband Access
Nineteen million Americans, or 6% of the U.S. population, live in areas where high-speed Internet isn't available, the FCC said. A majority—some 14.5 million people—live in rural areas.

The Musical Stylings of Celebrity Offspring
When Scout + Gus, the lo-fi, quasi-country buzz band and celebrity scion super-duo, began their set at Mercury Lounge Monday evening, it was tough not to notice the bold-faced offspring in the front row.

Nasdaq: Short Sales May Have Flouted Rules
Nasdaq said that some short-sale orders may have been executed in violation of Securities and Exchange Commission rules for more than a week because of a systems "issue."

Video Chatting in High Def
Zoom Video Communications launches a new, independent service called Zoom.us that offers free, high-definition, group video calls for up to 15 people over a variety of devices.

Regions Financial Ties Probed
A federal grand jury is examining ties between Regions Financial and an executive-recruiting company that entertained the bank's executives on golf trips and borrowed from the Alabama lender.

Is It Time for the Yankees to Worry?
The Rays have taken aim and launched themselves like a missile at the division-leading Yankees, going on win streaks of seven and five games and winning 12 of 14 overall.

Iraqi Man Pleads Guilty in Terror Case
An Iraqi refugee pleaded guilty to terrorism charges in Kentucky, in a case that intensified the dispute between Republican lawmakers and the Obama administration over where to try terror suspects.

BofA Exits Credit Protection
Bank of America said it has stopped selling to credit-card customers products that suspend borrowers' minimum monthly payments in the event of a job loss or other hardship as regulatory scrutiny of these offerings grows.

Sanchez Isn't Exactly Surrounded by Star Power
The Jets are the only NFL team without a single running back, wide receiver or tight end who has either scored nine or more touchdowns in a season or was a top 20 NFL draft pick.

Defense's 'Fredo' Is Forced to Go Against the Family
Rex Ryan has made special-teams linebacker Nick Bellore a backup fullback during practice, a move that's earned Bellore an unflattering nickname from his defensive cohorts.

'Short Sales' to Get a Boost
U.S. homeowners with collapsed property values could have an easier time selling their homes for less than the outstanding mortgage amount under changes rolled out by a federal housing regulator.

Tokyo Ponders End to Nuclear Power
The Japanese government is likely to decide to eliminate all nuclear power over the next two decades in a new long-term energy plan that comes amid strong public opposition to atomic energy and ahead of national elections expected in the next few months, said government officials familiar with policy discussions.

Candy Catchphrases
Tootsie Roll Industries has been churning out classic American sweets ever since Leo Hirshfield cooked up the first chewy chocolate treat in his kitchen in 1896. You probably recognize most of their old-time, concession stand favorites, but do you know the catchphrases that go along with them?

Brooklyn Library Fashions New Exhibit
The Brooklyn Public Library announced that it will present "Fashion Illustration: A Contemporary Look," a sprawling exhibition of some of the most celebrated fashion illustrators, beginning on Sept. 6.

Dell Outlook Gloomy as PCs Slump
Dell reported sagging second-quarter profits and warned of more tough times ahead as the company continues to transition away from its original business selling personal computers.

Nike Urged to Drop LeBron X Shoes
The National Urban League's president urged Nike to abandon plans to release its new LeBron X sneakers, saying he received "incessant phone calls and emails" from consumers who balked at the athletic-gear maker's rising sneaker prices.

London Calling: Jaguars Look Across the Pond
The Jacksonville Jaguars will play four games in London from 2013 through 2016, becoming an anchor of the NFL's annual game abroad, the team announced Tuesday.

London Buyers Put Safety Over Returns
Global financial and political turmoil has created an unusual situation in London's office market: Investor demand for buildings continues to grow even as potential income from the properties weakens.

Plots & Ploys
Opponents of a proposed downtown San Francisco condo project on the waterfront are looking directly to voters...And LNR Property, a servicer of distressed loans in commercial mortgage-backed securities, is telling its side of the story.

Chunk of L.A. Skyline Could Be for Sale
After years of struggling with too much debt and too few tenants, MPG Office Trust, the largest office landlord in downtown Los Angeles is considering selling itself to the highest bidder.

St. Jude Heart Devices Linked to One Death
Design changes to a St. Jude heart device, including an added layer of insulation, failed to stem insulation problems that led to the recall of an earlier model, according to a study.

China Spends to Boost Economy
China's big cities are announcing large investment plans intended to boost slowing growth rates, but just how much of a lift they will give to the economy remains uncertain.

Ethiopia in Flux After Leader Dies
Meles Zenawi, Ethiopia's authoritarian leader who guided his impoverished nation closer to prosperity through a steady economic opening, has died. He was 57 years old.

Walsky and Moeller: Time to Treat High-Speed Trading Like Another Risk to Manage
No amount of testing or effort will ever ensure error-free software. Better to limit potential mistakes and lessen their financial impact.

Gambling Raids Hit Cafes
Web sweepstakes cafes have proliferated across the country, and in recent months, they have come under siege from state and local authorities in a number of states, with dozens of cafes branded illegal gambling parlors.

Regulatory Cliff Means More Safety and a Better Life
In "The Regulatory Cliff Is Nearly as Steep as the Fiscal One" (op-ed, Aug. 17) Sen. Rob Portman fails to acknowledge that the benefits of our system of public protections outweigh its costs.

Deal Helps Pittsburgh Avoid Transit Cuts
Pittsburgh's public-transportation agency will be spared major service cuts and layoffs thanks to a deal that includes new state aid and $60 million in concessions from transit workers.

MetroPCS to Offer 4G Promotional Plan
MetroPCS will launch a new wireless plan this week to provide unlimited data on its next-generation network, as the carrier aims to keep up with larger players in the competitive smartphone environment.

Direct Edge Chief Calls for Exchanges to Cooperate
The U.S. stock market needs to improve industry coordination to help restore investor confidence in the wake of a string of high-profile technology problems, a senior exchange executive said Tuesday.

Spanish Yields Ease on Hopes of ECB Action
Hopes that the ECB will support Spanish and Italian government bond markets helped Spain sell its biggest slice of debt since March, with a lower price tag than a similar auction last month.

Brazil Real Trips On Central-Bank Intervention
Brazil's real closes weaker against the U.S. dollar after the country's central bank intervened in local currency markets for the first time in almost two months.

Audit: Conditions Improve at Foxconn
Top Apple supplier Foxconn has fixed some of the most pressing workers' rights violations at three of its Chinese factories, according to a progress report by an auditor.

U.S., South Korean Troops Strengthen Their Readiness in Drills
Passengers in a Seoul subway station walk by South Korean army soldiers on Tuesday during an anti-terror exercise, part of annual military drills with the U.S. that began Monday and run through Aug. 31. North Korea denounced the 12-day drills as a precursor to war. Photo: Associated Press

Personality Is a Good Part of Social Media
How ridiculous. I am happy when my friends get nice gifts from their husbands, swim fast, get royalty checks or have a perfect late-night sail, and I want to know about it ("Are We All Braggarts Now?," Personal Journal, Aug. 14). Is the columnist trying to remove all the personality from social media?

National Defense Is Much More Than Jobs
Uwe Reinhardt's response (Letters, Aug. 10) to Kimberley Strassel's Aug. 3 column "The Obama Jobs Sequester" incorrectly implies that she was defending military spending on the grounds of job growth

Taxes and Poor People's Loopholes
I wonder how many of the 40% or so of U.S. households that don't pay federal income taxes have turned to an underground cash or barter economy to avoid taxation ("Capital: The Numbers Inside a Hot-Button Issue," Election 2012, Aug. 6).

U.S. Challenges Argentina at WTO
The U.S. challenged Argentina's import restrictions at the World Trade Organization, joining Japan and the EU in a bid to pressure President Cristina Kirchner to dismantle policies that have strained trade ties.

U.S. Helium Supply Needs Some Attention
The legislation cited in "Giant Helium Reserve Awaits Likely Closure," (U.S. News, Aug. 11) only emphasizes one of two steps needed to ensure that the U. S. helium supply, which is used extensively in the health-care, defense and high-tech industries, is adequate.

Distinct Points of View
The husband-and-wife team of Rory Feek and Joey Martin, better known as Joey + Rory, are a throwback to the country duos of old, when the emphasis was on unique personalities and perspectives.

Three Prior Engagements
To accommodate the tastes and means of his clientele, portraitist William Matthew Prior offered his services in three different styles, at three different price points. How much richer would his output have been if financial freedom had fully unleashed his talents.

Demographics and America's Future
Regarding Ben J. Wattenberg's ("Immigrants and 'Comparative Advantage'," op-ed, Aug. 9): It is true that the U.S. is in better shape than Europe or Japan, but the rate of growth of the U.S. population has fallen below 1% per year and will decline further over the next four decades.

Companies Seek Olympic Legacy
The Olympics has highlighted the boost that companies can get from sports sponsorship in the short term but experts say that the real benefit is brand awareness over the long term, which isn't so easy to quantify.

It Would Be Worse if Zakaria Were More Conservative
Bret Stephens writes "In Defense of Fareed Zakaria" (op-ed, Aug. 16) that Mr. Zakaria's plagiarism in his Time magazine column was a particularly foolish mistake in the age of Google, ad that he immediately apologized and is a serious journalist, unlike many of his envious and small-minded critics.

Cars to Test Crash Avoidance Technology
About 3,000 Michigan residents will soon be driving cars that communicate with one another under a government-funded test of vehicle-to-vehicle crash avoidance technology.

Massachusetts Tightens Rules on Biomass Plants
Massachusetts is expected to disqualify many wood-fired power plants from certain green-energy programs, starting Friday, because of concerns about their emissions.

Orange Juice Futures End 3.9% Higher
Orange-juice futures surged 10 cents, the exchange-imposed limit, in intraday trade as traders added more bets that prices will rise and closed out bets that prices would fall with two storms developing in the Atlantic Ocean.

Pimco Cuts Junk Debt, Sees Risks for More Bull Run
Pacific Investment Management Co., one of the world's biggest money managers, is paring down its positions in high-yield corporate debt, the best-performing U.S. fixed-income market in 2012.

U.S. Boosts Afghan Contractors' Security
The U.S. military has added previously undisclosed security measures for contractors in Afghanistan, amid a wave of insider attacks by Afghan soldiers and police and the continuing withdrawal of coalition troops.

Romania Court Allows President's Return
Romania's Constitutional Court ruled Tuesday that a referendum aimed at ousting the country's president was invalid, clearing the way for his return and setting the stage for further political conflict.

European Stocks, Euro, Rise
European shares gained on growing hopes the European Central Bank would take new steps to address the euro-zone debt crisis and on hints that further monetary stimulus may be forthcoming in China.

Nike's LeBron Sneakers to Test $300 Limit
Nike is kicking up the prices of its sneakers, counting on the cachet of its trendy footwear to keep customers coming even as many shoppers scrounge for discounts.

Chinese Website Pushes Google Aside
Google faces intensifying challenges in China after Qihoo 360, a popular website and Internet browser company there, replaced the search service for its own technology.

Businesses Focus on Asia's Aging Population
As the rapid aging of Asia's population creates challenges for governments and societies, new opportunities are emerging for businesses serving the needs of the elderly.

Madoff Trustee Bills for $60 Million in Liquidation Work
Irving Picard, the trustee charged with recovering funds for Bernard L. Madoff's cheated investors, is seeking court approval of about $60 million in fees and expenses for himself and his law firm.

In Japan, Solar Looks Bright but Wind May Not Fly
New minimum price rules for Japan's renewable-energy sector will likely help solar power shine, but bird strikes and tough environmental assessment needs may make it tough for wind generation to take off.

Brazil Currency Traders Scatter as Central Bank Flexes Muscle
The Brazilian Central Bank responds swiftly, albeit not forcefully, after local currency traders test the bank's willingness to maintain an informal trading band that has kept the real rangebound for several months.

Cnooc Net Drops on China Oil Spill
Cnooc posted a 19% drop in its first-half net profit, as a production halt at the site of an oil spill in China last year lowered the energy company's output. Cnooc also said it plans a 40% cut in its dividend.

Dutch Housing Prices Tumble
The slump in the Dutch housing market deepened in July as prices posted the steepest drop on record, highlighting the challenges facing the Netherlands ahead of next month's general elections.

Earthlings Look for Signs in Photos of Mars
For millennia, human beings have looked to the heavens with questions. Now with the rover on Mars, some believe they are closer than ever to solving the mystery of what has been seen in the skies.

EU Probes Sale of Cigarettes to Syrians
The EU is investigating whether its Syrian sanctions were violated by the sale of cigarettes by a Switzerland-based unit of Japan Tobacco to a firm linked to cousins of Syrian President Bashar al-Assad.

Swiss Bankers Fume Over Privacy
Swiss banks have provided U.S. officials with the names of thousands of their employees, a handover that has morphed into a controversy over their employees' personal privacy.

Correlation Analysis Suggests Losses for Euro
A Commerzbank analysis of the inverse correlation between the EUR/USD exchange rate and German credit default swap spreads, seen as a proxy for Bunds' safe-haven status, concludes the euro is set to weaken, writes Martin Essex.

Sharp Rescue Needs Precision
Sharp suffers from a focus on fancy TVs, withering price competition for solar cells and a strong yen that erodes returns for a manufacturer that makes much of its gear in Japan.

India Targets Online Threats
Google and Facebook said they are working on requests from India to remove from their web sites "inflammatory and hateful content" that New Delhi blames for sparking a mass exodus of people from several cities.

Finland Calls for Deeper EU Integration
Finland's prime minister says additional action needs to be taken to strengthen the euro and that EU leaders should be moving toward deeper integration and stronger common rules.

Infosys: U.S. Court Dismisses Lawsuit
Infosys said a U.S. court has thrown out a case filed by an employee who claimed he was harassed for blowing the whistle on the company's alleged violation of American visa rules.

For Struggling Steel Industry, China Offers Hope
Steel prices continue to fall after a lengthy period of weakness during which the price has plunged below the cost of production for many steel producers, but signs of strength in China offer a glimmer of hope for a recovery.

FOREX FOCUS
Aussie Rocket is Running Out of Fuel
The Australian dollar has been climbing rapidly recently, fueled by the currency's increased safe haven role, but that fuel appears to be running out and the rally has already started to falter.

Suzuki Reopens Violence-Hit India Plant
Maruti Suzuki India resumed partial production at a north India factory, more than a month after violent labor protests left one manager dead, about 100 executives injured and parts of the facility burnt.

Deutsche Bank Warns of Australian Recession
A warning by Deutsche Bank comes amid rising concern that Australia's mining investment boom, which has insulated the commodity-rich economy from a global slowdown, is waning.

Tech Case Set for Closing Arguments
Apple and Samsung turned to some high-stakes legal housekeeping, in one of the companies' last chances to weigh in on nitty-gritty procedural matters before closing arguments.

Australian Dollar Up Late, RBA Minutes Affirm Rates On Hold
The Australian dollar was higher late Tuesday after the minutes from the Reserve Bank of Australia's latest policy-setting meeting supported a growing view that interest rates will likely remain on hold for the next few months.

New Zealand Dollar up Late, Tracking Australian Dollar
The New Zealand dollar was trading slightly higher Tuesday against the greenback following similar movement in the Australian dollar after the release of the Reserve Bank of Australia minutes.

Philippine Minister's Body Is Found
The body of Philippine Interior Secretary Jesse Robredo was retrieved Tuesday from the sea off a central province where his small plane had crashed three days earlier.

Sox Top Yankees While Rays Winning Streak Continues
It was a long, boring loss in Chicago, a four-hour game where the White Sox won 9-6. What was more interesting was happening elsewhere – in Tampa Bay, where baseball's hottest team, the Rays, pounded the Kansas City Royals to notch their fifth straight win.

Even the Giants Misbehave at Times
While the Jets spent their preseason offering up headline fodder, the Giants kept things boring, almost by design. Buttoned-down and businesslike, the biggest controversy they could muster over the last month was about uncomfortable beds at training camp.

Sleepwalking With a Doctor's Note
Mike Birbiglia's new film chronicles his dangerous sleepwalking habit. To help with some of the more scientific aspects, we interviewed the comedian with a sleep-disorder specialist.

House of the Day
Elegant English Country Home
Originally built in 1660, this seven-bedroom house in northern England was remodeled in the mid-20th century, incorporating pieces rescued from Georgian buildings in the nearby town of Hull that were bombed during the Blitz.